by admin | Dec 25, 2016 | Market Data
Here’s how much the group paid for the property.
Source: www.bizjournals.com
Florida based Altman Cos. paid just more than $8 million for a 2.5-acre site near Oxford Exchange bound by Grand Central Avenue to the north and Cleveland Street to the south, Cedar Street to the east and Magnolia Street to the west. The mid-rise project named Altis Grand Central will include 314 units and 10,000 square feet of commercial space. The project was met with initial resistance from the community regarding the size and design, but Altman persevered and worked with community stakeholders to come up with a new plan which fits in well within the neighborhood.
by admin | Dec 25, 2016 | Market Data
TAMPA — Two major apartment projects — one in downtown St. Petersburg, the other on the water in Tampa’s Gandy Boulevard area — could start construction next year.
Source: www.tampabay.com
The Related Group of Florida is closing on additional development sites in the Tampa Bay area, adding to their current footprint of other successful deals in the area.
One project will be a 15-story, 354-unit apartment building at 801 Central Avenue in downtown St. Petersburg’s burgeoning Edge District. The other site will be a 4-story, 396-unit project just south of Gandy Boulevard and west of West Shore Boulevard on the site of the former NewPort project..
by admin | Dec 22, 2016 | Market Data
A judge has ruled that dozens of condominium associations can collectively sue a Tampa debt-collection company, potentially a major blow to the already-troubled company’s prospects.
Source: www.tampabay.com
Tampa based LM Funding has been accused of deceptive trade practices and charging illegally high interest rates in a new class action lawsuit approved by a Florida judge. The company was founded in 2008 by Tampa lawyer Bruce Rodgers and his wife, Carollinn Gould, LM Funding advances condominium associations money for maintenance and repairs in exchange for the right to collect delinquent fees, interest and late fees from unit owners. That said, the also own the law firm that provides the legal services for LM Funding and the business model appears to be predicated on racking up extensive legal fees in additional to illegally high interest rates.
The company has been in trouble since its IPO and the stock has fallen nearly 60% while shedding staff and executives slashing salaries. The amount of delinquency in condo associations has dropped dramatically over recent years with expected declines going forward in delinquent association dues because of the strong real estate market. The timing of the IPO seemed odd as the business model appeared to be flawed.
by admin | Dec 22, 2016 | Market Data
MIAMI – A new class-action lawsuit against a Miami condominium association claims that associations routinely overcharge consumers far more than the legally capped amount.
Source: flarecord.com
A new class-action lawsuit against a Miami condominium association claims that associations routinely overcharge consumers far more than the legally capped amount of $100. Many condo associations, and condo association management companies in particular, are overzealous in how they manage these associations. Because there is little oversight and it is very difficult to get a management company out once they are in, they have very little incentive to provide good service and are notoriously difficult to deal with.
by admin | Dec 22, 2016 | Market Data
Project will add 118 rooms to the booming downtown and Rosemary districts.
Source: www.heraldtribune.com
A new 5-story 118 room hotel has been proposed at the NWC of Fruitville Road and Central Avenue. This will be yet another hospitality project in an already crowded market. The project will be located in the Rosemary District of downtown Sarasota and across the street from a 228 unit apartment project currently under construction by Tampa based Vertica Partners and Framework Group.
